A Will That Meets Your Needs

A will is a legal document that transfers what you own to your beneficiaries upon
your death. It also names an executor to carry out the terms of your will and
a guardian for your minor children, if you have any.

Your signature and those of two witnesses make your will authentic. Witnesses
don't have to know what the will says, but they must watch you sign it and you
must watch them witness it.

Hand-written wills -- called holographs -- are legal in about half the states,
but most wills are typed and follow a standard format.

What Should Be In Your Will?

Your will should contain several key points in order to be valid. The following
list is a start. Check with a local estate attorney for a more comprehensive
list:

You must first include your name and address.

Next, you must include a statement that you intend the document to serve
as your will.

The names of the people and organizations -- your beneficiaries -- who
will share in your estate.

The amounts of your estate to go to each beneficiary (usually in percentages
rather than dollar amounts.)

Name an executor to oversee the disposition of your estate and trustee(s)
to manage any trust(s) you establish.

Name alternates to provide both executor responsibilities and trustee(s).

Name a guardian to take responsibility for your minor children and possibly
a trustee to manage the children's assets in cooperation with the guardian.

Designate which assets should be used to pay estate taxes, probate fees
and final expenses.

Who Needs a Will?

You should make a will as soon as you have any real assets, or get married,
and certainly by the time you have children.

If You Don't Have a Will

Without a will, you die intestate. The law of your state then determines what
happens to your estate and your minor children. This process, called administration,
is governed by the probate court and is notoriously slow, often expensive and
subject to some surprising state laws.

What Is A Living Will?

A living will expresses your wishes about being kept alive if you're terminally
ill or seriously injured.

Material discussed is meant for general illustration and/or informational purposes
only and it is not to be construed as tax, legal, or investment advice. Although
the information has been gathered from sources believed to be reliable, please
note that individual situations can vary therefore, the information should be
relied upon when coordinated with individual professional advice.

This web site may contain concepts that have legal, accounting and tax implications. It is not intended to provide legal, accounting or tax advice. You may wish to consult a competent attorney, tax advisor, or accountant.